Discuss about the case study Competitive Strategy for Business Model Innovation.
Key Ideas: The video defined in the discussion mainly relates to the CAGE framework. The video is explained by Professor Pankaj Ghemawat, who mainly focuses on the CAGE framework to evaluate the international opportunities for the trade. Prof. Ghemawat is the director of the center for the Globalization of Education and Management at the Stern School of Business. According to the explanation, the CAGE framework is considered as the key source for the growth and development of the international business (Carlson School of Management, 2015). The basic idea is related to the trading between the two countries in an appropriate manner. The trading mainly depends on different dimensions. The suitable coordination of these dimensions is related to the CAGE. He also explains the meaning of the CAGE, which is helpful in managing the appropriate aspects related to the business or trading. The C stands for Cultural, A stands for Administration/ Political, G stands for geographic and E stands for Economic aspects. All these four ideas are helpful in doing the suitable trade with the other countries. He also explains that if the trade would be done between the two similar countries with the similar language, border and per-capita income, the business can grow in a rapid manner. It also possesses the same cultural values, financial aspects and the economic conditions by which the global trade will be increased by 10-15 percent. This will not only strengthen the trading relationships of the countries, but by this, the financial aspects of the countries may also become stronger. The video also provides the idea about similar and different dimensions possesses by the countries to make the trade possible. In short, the CAGE is considered as the most appropriate aspect for bringing the transformation in the organization.
Organization Benefited: In Australia, there are various organizations which are getting benefited from the CAGE framework. The CAGE framework is mainly defined for managing the dimensions with the dissimilar and similar framework. The Australian agriculture industry is getting benefited from the CAGE framework. This framework will be helpful in managing the aspects related to the trading in the most suitable manner. It is helpful in providing the trading and business opportunity by which the appropriate coordination with the other country can become possible. Australian International food Security Center (AIFSC) is the agricultural organization and believes in trading with the international market. Most of the food products are exported in the major cities of Australia and the nearest countries of Australia (Kapil, 2011). With the CAGE framework, the organization can also promote the financial and the economic aspects related to the country. The organization also follows the suitable dimensions which are defined in the CAGE. Both the dimensions, i.e. similar and dissimilar are helpful in defining the business in a suitable way. The similar aspects are helpful in promoting the business whereas the dissimilar aspects are reducing the aspects in context to the trade. In short, the organizations are helpful in generating the most suitable trade relationship with the help of the CAGE framework and the idea defined in the video also helps a lot.
Key Ideas: The E- learning video is mainly related to the business model innovation. The business model innovation plays the most important role in developing the aspects related to the newly developed business and the existing business. Through this video, Dr. Prof. Oliver Gasman explained that to bring the revolution in the industries, the most appropriate element is the innovation. Through innovation, the rapid change in the organization can be identified. These changes may be in the positive or in the negative form (UniStGallen, October). Some of the common key ideas which are defined in the business are mentioned below in the points: -
- Innovation is the inbuilt aspect; it is not possible to generate it technically.
- Innovation can be generated without the resources.
- The technological aspects can only be helpful for the suitable support.
The basic idea of the video about the business model innovation is also explored by providing the best examples form the industry. The organizations like Cisco, Google and Dell, etc. also adapted the business model innovation to expand the basic promotion aspects. In the video, the role of initiation, ideation, integration and immigration are also defined on the wide level. These 4I’S are helpful in changing the existing phase of any organization. Other than this, to manage the business in the sequential manner and to make it more innovative, some of the other ideas can also be generated from the video (Kemmis, 2012). For the better business output, at a time only one model should be selected from the 55 business model innovation, the standard KPI’S should be followed in the suitable manner, the appropriate communication should be developed for the processing, the arrangement of the suitable sponsorship and discarding the negative situation. By following all these ideas, the revolution can be brought to the business.
Benefited Organization: Currently, various organizations in Australia are switching towards the organizational revolution. For this, they are also selecting the suitable business model innovation. These models not only help in providing the strong business perspectives, but also helpful in promoting the business with the rapid speed. One of the articles by Don Scott Kemmis defines the appropriate business aspects in the Australian organization. Some of the common models which have recently been used by the organizations of Australia are Web jet, Suma Salad, Xpresso delight, J.B. Hi Fi and Revive clinics. All these models are helpful in providing the suitable aspects of the development and innovation of the organization. Specifically, the Qantas Airlines and the Deloitte are more influenced by the business model innovation (Stähler, 2016). These companies believe in adapting the most appropriate business innovation model as per the requirement of the current scenario and the current requirement of the organization. An organization can able to generate the most appropriate profit by adapting the strategy from the business model innovation, the. The ideas identified in the video will also help in generating the positive aspects on the business and also assist in bringing the transformative changes.
Carlson School of Management, 2015. Pankaj Ghemawat: CAGE framework to evaluate international trade opportunities, Available at: https://www.youtube.com/watch?v=7FpUJaG7uMk
Kapil, 2011. The CAGE Framework – Distance Matters in Globalization!!!. The CAGE Framework – Distance Matters in Globalization!!!, 10 December.
Kemmis, S. S., 2012. Business Model Innovation: Australian business foundation, Avaialble at: https://www.aciic.org.au/assets/Publications/2012/Business-Model-Innovation.pdf?bcsi_scan_f5761508bdf24bd5=0&bcsi_scan_filename=Business-Model-Innovation.pdf
Stähler, P., 2016. Steve Jobs on values in your business model. Steve Jobs on values in your business model, 20 June .
UniStGallen, H., October. Business Model Innovation, Available at: https://www.youtube.com/watch?v=B4ZSGQW0UMI